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According to Saudi media Alhadath, Jordan claims it thwarted Irans attempt to launch five missiles at its territory.1. Data released by the Brazilian National Grain Exporters Association (Anec) shows that Brazil exported 2,645,120 tons of soybeans, 345,824 tons of soybean meal, and 611,913 tons of corn last week (July 19-25). Planned exports for the week of July 26-August 1 are 2,897,392 tons of soybeans, 878,090 tons of soybean meal, and 1,519,271 tons of corn. 2. According to Longzhong Information, domestic soda ash production this week was 768,500 tons, an increase of 7,000 tons week-on-week, a rise of 0.92%. Light soda ash production was 350,800 tons, an increase of 7,600 tons week-on-week, while dense soda ash production was 417,700 tons, a decrease of 600 tons week-on-week. As of July 30, 2026, the total inventory of domestic soda ash manufacturers this week was 1,800,700 tons, an increase of 8,300 tons from Monday, a rise of 0.46%. Among them, light soda ash production was 1.0555 million tons, a decrease of 6,700 tons month-on-month, while heavy soda ash production was 745,200 tons, an increase of 15,000 tons month-on-month. 3. According to the Iranian Students News Agency and Middle Eastern media Al-Araby, the Houthi rebels denied reports that they planned to impose transit fees in the Bab el-Mandeb Strait, stating that their actions in the Red Sea were limited to prohibiting Saudi shipping. 4. Malaysian palm oil export prices rose this week, significantly increasing my countrys import costs. On July 29, the CNF import prices for 24-degree palm oil for September and October shipments were $1190/ton and $1195/ton respectively, an increase of $12-24/ton compared to the same period last week; equivalent to landed and taxed costs in South China of 9650 yuan/ton and 9670 yuan/ton respectively, an increase of 100-200 yuan/ton. 5. At a press conference held by the National Energy Administration, it was learned that in the first half of the year, my countrys renewable energy sector developed rapidly, with its share of total power generation exceeding 40% for the first time. 6. According to foreign media reports, on Thursday, July 30, the port authority stated that the shipping channel of Santos Port, Brazils largest port, which had been closed to navigation for more than four hours due to strong winds, resumed operation at 5:10 pm local time on Wednesday. 7. US Central Command: A large-scale strike operation against Iran has been completed in response to yesterdays attempted Iranian missile attack on US forces. The US military struck dozens of Iranian Revolutionary Guard targets. 8. This week, Mysteels statistics show that the verified capacity utilization rate of 523 coking coal mines was 67.1%, an increase of 0.1% week-on-week. The average daily output of raw coal was 1.506 million tons, an increase of 3,000 tons week-on-week, and the raw coal inventory was 4.212 million tons, a decrease of 80,000 tons week-on-week.On July 30th, Ajitabh Bharti, Executive Director of Capital XB, stated that the Federal Reserves lack of decisive interest rate action suggests potential political considerations. In a report, he noted that with the US midterm elections approaching, the Fed is perceived to prioritize stability over inflation control in the short term. This dynamic could benefit emerging markets like India in the short term. A relatively weaker dollar could alleviate pressure on the rupee and provide some breathing room for capital flows and external balancing. However, if US inflation persists or re-accelerates due to delayed policy action, the eventual correction could be more severe and disruptive, transmitting volatility to global markets, including India.HSBC has kept its prime lending rate in Hong Kong dollars unchanged at 5%.JPMorgan Chase: The Federal Reserve is expected to raise interest rates by 25 basis points in December 2026, compared with previous forecasts that interest rates would remain unchanged this year.

Oil Is Close to A Two-month High Despite Global Supply Worries

Aria Thomas

May 27, 2022 09:45

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In the previous session, oil prices surged to a two-month high as investors focused on signs of a tightening global supply. In early Asian trade on Friday, oil prices retreated slightly as investors focused on indicators of a tightening worldwide supply.


In the meantime, a senior Hungarian aide stated that the country needs three and a half to four years to transition away from Russian crude and make massive expenditures to restructure its economy, and that it could not support the EU's proposed oil embargo until all difficulties were resolved.


This month, the European Commission suggested further penalties against Russia for its invasion of Ukraine, but stated that they require the support of all 27 bloc members. Hungary, which is landlocked and heavily dependent on Russian oil imports through a pipeline, has thus far banned these imports.


At 0:08 GMT, Brent crude futures declined 11 cents to $117.29 a barrel. WTI crude futures for delivery in July decreased by 19 cents to $113.90 a barrel.


Prices have increased by around 50 percent so far this year.


OPEC is expected to adhere to last year's oil production agreement at its June 2 meeting and hike July output objectives by 432,000 barrels per day, six OPEC sources told Reuters, rebuffing Western pleas for a more rapid increase to reduce soaring prices.